IOB

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Can I en­ter IOB con­sid­er­ing it to have bot­tomed out?

AVOID IN­DIAN OVER­SEAS BANK FOR NOW

IOB is cur­rently trad­ing at Rs 16.25. Its 52-week high/low stand at Rs 28.70/Rs 13.07 made on Oc­to­ber 26, 2017 and July 17, 2018, re­spec­tively. Con­sid­er­ing the daily time frame, the stock is trad­ing in a down­beat since many years and re­cently gave a break­down of head & shoul­ders pat­tern at Rs 22.15 on Fe­bru­ary 2, 2018. Re­cently, the stock formed Doji at 52-week low level and bounced back up to Rs 16.38 form­ing a round­ing pat­tern. How­ever, the stock re­versed and has hit the 14-pe­riod RSI neg­a­tive cross­over. More­over, this is a penny stock and has very lit­tle move­ment on a daily ba­sis. We sug­gest you avoid for now.

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